This paper empirically examines the properties of a new weighted monetary aggregate, Currency equivalent monetary aggregate (CEMA) for India using the components of a broad monetary aggregate NM3 recommended by the working group on Money Supply, Analytics and Methodology of Compilation, Reserve...

Money is a medium of monetary policy transmission. In this connection, no other macro-behavioral function is subjected to more modeling modifications and regression rigors than the macro-money demand function. Monetary policy planning hinges on the parameter estimates of the money demand...